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Dec 13, 2012
12/12
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well, fed chair ben bernanke warns that we're already paying the price for teetering on the edge of this fiscal cliff and he points to a recent drop in consumer and business confidence and says he hopes that congress will do the right thing and not kick the can down the road. >>> so that brings us to our fourth story, outfront. deal, no deal? deal, no deal? it is not a howie mandell story. it has everything to do about the fiscal cliff. and it's happening behind closed doors. and what is said in public does not seem to clear anything up. >> the longer the white house slow walks this discussion, the closer our economy gets to the fiscal cliff, and the more american jobs are placed in jeopardy. >> so what's really going on behind the scenes? earlier i spoke with republican senator jeff sessions, who's been asking the same question, and i asked him how much he, as the ranking member of the senate budget committee, actually knows about what's going on. >> very little. almost nothing, frankly. i mean, i learned from sources that the speaker was disappointed and things were not moving forward
well, fed chair ben bernanke warns that we're already paying the price for teetering on the edge of this fiscal cliff and he points to a recent drop in consumer and business confidence and says he hopes that congress will do the right thing and not kick the can down the road. >>> so that brings us to our fourth story, outfront. deal, no deal? deal, no deal? it is not a howie mandell story. it has everything to do about the fiscal cliff. and it's happening behind closed doors. and what...
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Dec 13, 2012
12/12
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today is the day after ben bernanke unveiled big new money printing program. it is also his 59th birthday, no impact on the market obviously. yum! brands up slightly today. this is the company behind taco bell and kfc. goldman sachs upgrading the stock, says its recent problems in china, only temporary. at this price $68 a share. 68 they say heading higher. goldman is downgrading darden restaurants. t it says -- it says the turnaround at olive guaarden is slow. it is down. boston beer makes sam adams beer, it expects to make more money next year, simple reason it is selling more beer. the stock hit all-time high today. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. stuart: the federal reserve is going to start tying interest rates to
today is the day after ben bernanke unveiled big new money printing program. it is also his 59th birthday, no impact on the market obviously. yum! brands up slightly today. this is the company behind taco bell and kfc. goldman sachs upgrading the stock, says its recent problems in china, only temporary. at this price $68 a share. 68 they say heading higher. goldman is downgrading darden restaurants. t it says -- it says the turnaround at olive guaarden is slow. it is down. boston beer makes sam...
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Dec 12, 2012
12/12
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they are waiting for ben bernanke and the federal reserve to see what they plan to do to help the economy move along and what he says, cushion the fall from the fiscal cliff and we will follow that on our noon news. >> we will go ahead and smile and say good morning, it is wednesday december 12th, i am dave clark. >>> a gunman is dead after shooting into a crowd at an oregon mall. sheriff's deputies say he killed two people before turning the gun on himself. joining us from portland where it all happened, good morning, dan. >> reporter: yes, good morning, pam and dave, what a horrible scene this was yesterday. 3:30 in the afternoon, exactly two weeks before christmas, this mall was teeming with shoppers and as many as 10,000 people were inside at the time when shots started ringing out. we understand from eyewitnesses a gunman walked through the macy's store of this maul and then -- mall and then walked to the food court and then fired shots and 5 to 18 more as he shot indiscriminately down the mall area here. we understand two people were killed, a third person was shot, she was wounded,
they are waiting for ben bernanke and the federal reserve to see what they plan to do to help the economy move along and what he says, cushion the fall from the fiscal cliff and we will follow that on our noon news. >> we will go ahead and smile and say good morning, it is wednesday december 12th, i am dave clark. >>> a gunman is dead after shooting into a crowd at an oregon mall. sheriff's deputies say he killed two people before turning the gun on himself. joining us from...
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Dec 13, 2012
12/12
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it's ben bernanke's birthday. happy birthday, ben. "squawk box" begins right now. >>> good morning and welcome back to south carolina here on cnbc. i'm andrew ross sorkin along with joe kernen. becky is off today. dino kosof, he's going to have a lot to talk about when it comes to what mr. bernanke just said. later in the program, we'll talk to pimco's kneneal ashkari. >>> a surprise from ben bernanke, linking unemployment to monetary policy. rates will be staying where they are right now, which is close to zero, of course. until at the very least the jobless rate falls to 6.5%. we can only cross our fingers wherefore when that might be. ben bernanke says these changes will make the central bank more transparent adding they can only help the markets. the central bank ramped up its asset purchase program adding $40 billion to its $40 billion a month purchases of mortgage-backed bonds. he spoke about the objectives during wednesday's news conference. >> the asset purchases and the rate increases have different objectives. the asset purc
it's ben bernanke's birthday. happy birthday, ben. "squawk box" begins right now. >>> good morning and welcome back to south carolina here on cnbc. i'm andrew ross sorkin along with joe kernen. becky is off today. dino kosof, he's going to have a lot to talk about when it comes to what mr. bernanke just said. later in the program, we'll talk to pimco's kneneal ashkari. >>> a surprise from ben bernanke, linking unemployment to monetary policy. rates will be staying...
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Dec 13, 2012
12/12
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. >> the fed chair ben bernanke says just the threat of a "fiscal cliff" is already creating uncertainty in the economy. and that is not good for the stock market. >>> "fiscal cliff" negotiations though are throwing a wrench into year end tax planning, as well. >> but there are plenty of actions to take starting with changes of tax laws that expire at the and of the year. jill schlesinger, editor at large for cbsmoneywatch.com joins us now with information on tax laws that expire at the end of the year. >> good morning. >> first start with people trying to reduce their mortgage debt. >> reporter: this is really interesting because homeowners who have restructured their mortgage debt since the housing crash have enjoyed a big benefit. no tax on the amount of debt that was reduced or forgiven. if we go back before the recession if a lender agreed to reduce principal or release you from a mortgage obligation, it was considered income. starting next year any debt discharge will be considered income and you're going to owe taxes on whatever was owed on the forgiven amount so here's your year
. >> the fed chair ben bernanke says just the threat of a "fiscal cliff" is already creating uncertainty in the economy. and that is not good for the stock market. >>> "fiscal cliff" negotiations though are throwing a wrench into year end tax planning, as well. >> but there are plenty of actions to take starting with changes of tax laws that expire at the and of the year. jill schlesinger, editor at large for cbsmoneywatch.com joins us now with...
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Dec 13, 2012
12/12
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ben bernanke says the fed doesn't have enough tools to offset the fiscal cliff. the fed will keep interest rates near zero until the jobless rate falls to 6.5% or inflation rate to 2.5%. and growth next year 2.3% to 3% and jobless rate likely to say in the 7.4 to 7.7% range. unemployment checks will end by the end of the year if congress fails to fix the fiscal cliff. it's unclear the fate of the benefits in the fiscal cliff fight, something that terrifies people like alisia worthen. you've been looking for a job for more than six months. are you more optimistic or less optimistic? >> i believe it's going to turn around. it will probably take a little time but i believe it will. >> you need the government to help now until that happens? >> yes, i definitely do. i have a household to run, still have rent and bills to pay and i need help. i need help. >> millions of people like alecia. she still needs an unemployment check, unclear of the fate of jobless benefits and extension of those in the faiscal cliff fight. conservatives say it's time to end it. >> she has a
ben bernanke says the fed doesn't have enough tools to offset the fiscal cliff. the fed will keep interest rates near zero until the jobless rate falls to 6.5% or inflation rate to 2.5%. and growth next year 2.3% to 3% and jobless rate likely to say in the 7.4 to 7.7% range. unemployment checks will end by the end of the year if congress fails to fix the fiscal cliff. it's unclear the fate of the benefits in the fiscal cliff fight, something that terrifies people like alisia worthen. you've...
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Dec 12, 2012
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fed reserve chairman ben bernanke says u.s. unemployment, a huge problem, huge waste of potential -- human potential, he said. bernanke says the fed will replace operation twist with a new $45 billion asset buying program. overall, the fed is committing to buy $85 billion worth of securities a month. the program seeks to keep downward pressure on interest rates to spur the economy. >>> now back to the fiscal cliff. 20 days, count them with me, 20 days out from higher taxes and punishing government spending cuts if there is no deal in washington to craft a softer landing. with me now from los angeles, economist, author, ben stein. ben stein, good to see you, sir. you know, look, despite all we're hearing and seeing out of washington, we can at least discern some movement on this issue of taxes. let me just take you back, house speaker john boehner, his first position was no new taxes. president obama was asking for new taxes totalling $1.6 trillion. after the election speaker of the house ponied up an offer of $800 billion, exac
fed reserve chairman ben bernanke says u.s. unemployment, a huge problem, huge waste of potential -- human potential, he said. bernanke says the fed will replace operation twist with a new $45 billion asset buying program. overall, the fed is committing to buy $85 billion worth of securities a month. the program seeks to keep downward pressure on interest rates to spur the economy. >>> now back to the fiscal cliff. 20 days, count them with me, 20 days out from higher taxes and...
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Dec 13, 2012
12/12
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we heard from ben bernanke and the truth is everybody realizes that we do have a tough economy and we'll see what happens. but i was just looking at major market averages. we're losing 61 points right now. however we're still up for the week. and then i began to look back to see how many weeks in a row. we're already up. this would be the fourth week in a row of gains. so it is sort of slow and steady and moving higher, slowly but surely like take two steps forward and one step back. that seems to it be the trend. it is still continuing even with the move back here of 61 points we're still up for the week. traders talk about the fact that december is traditionally a higher month. we're still trending to the upside. everybody thinks the fiscal cliff will somehow be solved. look at best buy. this has been a name that's moving. this is winner. this is all about the fact that richard schulze, the founder may be moving forward and may make a takeover buyout offer with a private equity group by the end of the week according to at least one source. we'll see. giving a big boost, 15% gain. back
we heard from ben bernanke and the truth is everybody realizes that we do have a tough economy and we'll see what happens. but i was just looking at major market averages. we're losing 61 points right now. however we're still up for the week. and then i began to look back to see how many weeks in a row. we're already up. this would be the fourth week in a row of gains. so it is sort of slow and steady and moving higher, slowly but surely like take two steps forward and one step back. that seems...
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Dec 12, 2012
12/12
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speaking of the fiscal cliff, jessica, what did the fed chairman ben bernanke say about these current negotiations? >> well, bernanke is the man credited with coining the term fiscal cliff. he did it back in february as part of testimony before congress. bernanke was speaking at a press conference today and he was asked two things. one, does he see impacts from the fiscal cliff, the lack of a deal, is it already rippling through the economy in? he said, yes. that's why you're seeing a fall in consumer confidence and less business activity and he said that it's impair tea that the congress comes to a deal with the white house and he was asked, do you think that term is correct a. fiscal cliff? is it a slope, maybe? he said, no, it's a fiscal can cliff because the economy will hit a brick wall if there is not a deal in january. he says it is not hype. >> he's basically saying if we go over the fiscal cliff, if these lawmakers and white house doesn't make a deal, it could lead to a recession? >> that >> reporter: that's right. we could hit another recession if we go over the fiscal cliff
speaking of the fiscal cliff, jessica, what did the fed chairman ben bernanke say about these current negotiations? >> well, bernanke is the man credited with coining the term fiscal cliff. he did it back in february as part of testimony before congress. bernanke was speaking at a press conference today and he was asked two things. one, does he see impacts from the fiscal cliff, the lack of a deal, is it already rippling through the economy in? he said, yes. that's why you're seeing a...
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Dec 13, 2012
12/12
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in a historymaking move, ben bernanke said interest rates will be tied to the jobless rate. he wants the interest rates to stay at the lows until unemployment drops below 6.5%. which he says could take some three years. >>> and a dire warning about a water crisis in the west. a federal report out today warns the colorado river is drying up. and within 50 years, will no longer be able to supply water to seven western states. the report suggests dramatic solutions, including towing icebergs from alaska. critics call the report flawed. say the warning is exaggerated. >>> and if you've ever been furious at the tv ads that sound far louder than the show you're actually watching, your ears will now be getting a break. a new law called the c.a.l.m. act goes into effect. it requires commercials to be the same volume as the programs they sponsor. hear, hear, hear. you do not have to take cover when we go to break. >>> in houston, meanwhile, a thief got the shock of his life. he was trying to steal copper wires from a church, when he sparked what looked like a small explosion here. so
in a historymaking move, ben bernanke said interest rates will be tied to the jobless rate. he wants the interest rates to stay at the lows until unemployment drops below 6.5%. which he says could take some three years. >>> and a dire warning about a water crisis in the west. a federal report out today warns the colorado river is drying up. and within 50 years, will no longer be able to supply water to seven western states. the report suggests dramatic solutions, including towing...
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Dec 12, 2012
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ben bernanke will announce results of the meeting before noon today. he's expected to announce the federal reserve will start a new round of bond buying as it tries to support the tragic economic recovery. bernanke says it is not enough to keep the economy from going over the fiscal cliff but it could help cushion the fall. >>> 8:47. let's bring you up to date on some of the other top stories we're following for you right now -- look at this. a san jose man was arrested after his truck slammed into an apartment building early this morning and children were sleeping inside. luckily nobody was seriously hurt. the building was severely damaged. the 21-year-old was arrested on suspicion of drunk driving. >>> and the united states will be pushing for a united nations security council resolution condemning north korea for lunching that rocket. the u.s. believes north korea uses rocket line of -- launches like that to test its long- range missil technology. >>> and house speaker john boehner this morning said he and president obama are still far apart in the
ben bernanke will announce results of the meeting before noon today. he's expected to announce the federal reserve will start a new round of bond buying as it tries to support the tragic economic recovery. bernanke says it is not enough to keep the economy from going over the fiscal cliff but it could help cushion the fall. >>> 8:47. let's bring you up to date on some of the other top stories we're following for you right now -- look at this. a san jose man was arrested after his truck...
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Dec 13, 2012
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ben bernanke, the chairman of the federal reserve, said anxiety over the fiscal cliff is already hurting the u.s. economy, undermining consumer confidence and delaying job-creating business investment. and he said there's nothing the fed can do to prevent a recession if there's not a deal here in washington. but this morning, like so many mornings before it, has not provoked either side to come closer to a deal. days of strategic silence descended wednesday into partisan frustration over the seemingly end its stalemate. house speaker john boehner on president obama. >> his plan does not fulfill his promise to bring a balanced approach to solving this problem. it's mainly tax hikes. and his plan does not begin to solve our debt crisis. it actually increases spending. >> and here's white house spokesman jay carney's dismiss i've assessment of boehner's proposal to permanently extend all income tax rates until they're replaced next year under a redrawn tax code with fewer loopholes and deductions. >> those magic beans are just beans and that fairy dust is just dust. it is not serious. and t
ben bernanke, the chairman of the federal reserve, said anxiety over the fiscal cliff is already hurting the u.s. economy, undermining consumer confidence and delaying job-creating business investment. and he said there's nothing the fed can do to prevent a recession if there's not a deal here in washington. but this morning, like so many mornings before it, has not provoked either side to come closer to a deal. days of strategic silence descended wednesday into partisan frustration over the...
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Dec 13, 2012
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from federal reserve chairman ben bernanke. he told people that investors are nervous about the fiscal cliff. the fed predicts the unemployment rate will remain high next year, but interest rates will remain very low for the foreseeable future. >> bernanke says the best thing congress can do to solve this political stalemate very soon to avoid an economic downturn with just 19 days until the fiscal cliff, now both sides in this standoff seem no closer to a deal. the public rhetoric, though, is ramping up, while the private talks seem to be at a standstill over the same tax hangups. >> the president and i had a frank conversation about how far apart we are. >> he has made abundantly clear both in his policy presentations and in what he has said to you and to the american public that he is willing to make tough choices on the spending side. >>> the overseas markets though, don't seem to be too concerned about the lack of progress. stocks actually are mostly up, in fact. >> there's all kinds of polls out there. we have an abc news
from federal reserve chairman ben bernanke. he told people that investors are nervous about the fiscal cliff. the fed predicts the unemployment rate will remain high next year, but interest rates will remain very low for the foreseeable future. >> bernanke says the best thing congress can do to solve this political stalemate very soon to avoid an economic downturn with just 19 days until the fiscal cliff, now both sides in this standoff seem no closer to a deal. the public rhetoric,...